3-3

Which of the following listings is the most advantageous to the broker? Select one: a. Exclusive right-to-sell. b. Exclusive agency. c. MLS. d. Implied.

A

A broker who intends to be compensated if any other person sells his listed property during the listing period, should acquire:

An exclusive right-to-sell listing.

A buyer and seller have entered into a valid contract. Which of the following would have no legal effect on the contract? Select one: a. The buyer is unable to qualify for a loan because interest rates increased after contract ratification. b. The seller dies prior to closing. c. The state condemns the property for environmental reasons. d. The lender, holding the current mortgage, forecloses.

B

The Federal Fair Housing Act is intended to protect the public from all of the following, EXCEPT: Select one: a. Blockbusting. b. Price fixing. c. Steering. d. Redlining.

B

Which of the following groups was NOT protected by Title VIII of the 1968 Federal Fair Housing Law until 1988? Select one: a. National origin. b. Handicapped. c. Religion. d. Race.

B

Which of the following is NOT essential to a valid sales contract? Select one: a. Competent parties. b. Termination date. c. Consideration. d. Mutual agreement.

B

A property manager who employs maintenance people for the property he manages would be responsible for all of the following EXCEPT: Select one: a. Unemployment insurance b. Workmen's compensation insurance c. Workers' personal liability d. Federal and state tax withholding

C

Casper is planning to sell his house and desires the broadest possible exposure. He gives Bert an exclusive right-to-sell listing, Gail an exclusive agency listing and Mark an open listing. Mark sells the house. Under these circumstances, which of the following statements is true? Select one: a. Mark must split his commission with Bert and Gail. b. Casper owes two commissions, one to Mark and one to Bert and Gail to be split between them. c. Casper owes 3 commissions. d. Mark is the only one who will receive a commiss

C

When a mortgagee substitutes a new party for another on a mortgage in order to release the original borrower of liability, it is referred to as: Select one: a. Satisfaction. b. Subordination. c. Novation. d. Substitution.

C

A broker would be in violation of the Federal Fair Housing Law for all of the following actions EXCEPT: Select one: a. Refusing a listing on a 4-unit apartment building because it is owned and occupied by a minority couple. b. Accepting a listing with the intention of changing the racial makeup of the neighborhood. c. Hiring salespeople, on the basis of sex, regardless of experience or qualifications. d. Refusing to show a couple from Germany, property located in a neighborhood that is composed mostly of people from Italy.

C Hiring people on the basis of sex is a gross violation of the law, but NOT the Fair Housing Law. Such practice is a violation of the Equal Employment Opportunity Law.

One who engages another to act for him or her under a contractual agreement is referred to as:

Client

To be a professional property manager of a large apartment complex, one would need to know about all of the following EXCEPT: Select one: a. Property maintenance. b. Property insurance. c. Human relations. d. Appraisal techniques.

D

Under a net lease, which of the following is the tenant NOT required to pay? Select one: a. Taxes b. Repairs c. Utilities d. Mortgage

D

When a contract is breached, the injured party... Select one: a. may not sue for money damages. b. may not sue for specific damages. c. may rescind the contract bilaterally. d. may rescind the contract unilaterally.

D

When a lessee assigns his or her leasehold interest in a property, all of the following statements are true, EXCEPT: Select one: a. The assignor transfers all of his or her rights in the property to the assignee. b. The assignee pays the rent directly to the landlord. c. The lessor has the right to require prior approval of the assignment. d. The assignor remains primary liable for the rental payment

D

Which of the following is required for real property to be sold, legally, by contract? Select one: a. An earnest money deposit. b. Removal of all encumbrances. c. Repair of latent defects. d. None of the above.

D

Which of the following would not be legally sufficient to support consideration in a sales contract? Select one: a. Money b. Property c. Service d. Love and affection

D

If Jan makes a counteroffer in response to Joe's offer to buy Jan's house, Joe is bound by his original offer.

False

Andrew, an owner, lists his home with salesperson Heidi with the provision that the house not be shown if he is not at home. Andrew leaves town on Monday for a two-week business trip. On Tuesday, Jose and Maria, a minority couple, contact Heidi and want to see Andrew's house. Heidi refuses to show the house. In this situation, which of the following statements is true?

Heidi's refusal to show the property is in keeping with her duties to Andrew and she has not violated the law.

A graduated lease is defined as one

In which there may be an increase or decrease in rent at a stated future time.

During the term of the lease, the lessor of a property holds what form of estate in the property?

Leased Fee

Lionel rents an apartment under a three-year lease. After the first six months of the lease, the landlord sells the building. What effect will this have on Lionel?

The sale has no effect on the lease

Bill, the buyer, signs an offer to purchase agreement and gives broker Joan, a $1,000 earnest money deposit. The next day, before Joan has a chance to present the offer to the seller, Bill finds he needs his $1,000. What should he do?

Withdraw his offer and ask Joan for his money.

An offer contains a contingency clause calling for a property inspection and approval by the buyer's wife within one week of the offer's acceptance. Is this a binding contingency

Yes, if the seller accepts the offer.

Upon signing a management contract with an owner, a broker becomes a/an:

agent

The legal process of removing a tenant from property is:

eviction